The majority of Canadians would find it difficult to survive if their next paycheque did not arrive on time, according to a survey that found six in 10 workers are ill-prepared for life past their next pay period.

The Canadian Payroll Association asked 2,766 people about their financial situation and found 59 per cent of Canadian employees would have trouble making ends meet if their paycheque was delayed by a week.

"The most significant result of Canadians continuing to live paycheque to paycheque is its impact on their concerns about personal finances and retirement," Cindy Forget, chairman of the CPA, said in a release. "The results also underscore why it is vital for organizations to ensure employees are paid on time."

The same proportion felt that way last year, when the survey was first held in the midst of the global economic crisis.

The survey released Monday also found that nearly half of Canadian workers are unable to save more than five per cent of their net pay for retirement. Experts generally recommend saving twice that amount.

The survey found that younger members of the workforce and single parents are in the greatest pinch.

Sixty-five percent of workers aged 18-34 say it would be very or somewhat difficult to pay all of their bills if a paycheque were delayed, while 76 per cent of single parents would have trouble making ends meet.

The survey was one of several released on Monday that highlighted the precarious financial position Canadians find themselves in coming out of the recession.

Statistics Canada also announced yesterday that household net worth declined for the first time in a year, due to lower stock market prices. Canadians saw their household net worth drop by $34 million to $5.9 trillion in the second quarter of 2010. The stock market declined almost 6.2 per cent during that period.

And the Paris-based Organization for Economic Co-operation and Development announced that Canadians needed to slow their borrowing and spending, specifically on houses.

The Bank of Canada has increased its policy rate by three-quarters of a point to one per cent since June, suggesting the central bank is concerned Canadians are taking on too much debt.

TD Bank economist Diana Patramala says while stock prices have recovered somewhat from their second-quarter decline, housing prices has dipped 3.7 per cent since April.

"Weak asset growth in combination with still strong liability growth will likely have households feeling buried under more debt than they ever have," Petramala told the Canadian Press.

The Canadian Payroll Association report highlights concerns expressed by financial experts and the Bank of Canada that Canadians are living with too much debt and could be stretched when the real interest rates rise.

Sixty per cent of Canadians told The Canadian Payroll Association they tried to save more money than they were a year ago in light of the economic uncertainty, but half of those have failed to do so.

With files from the Canadian Press